China car sales fall 22.3 percent as VW tests EV revamp
China passenger car sales fell for the eighth consecutive month in May as high oil prices and weak consumer confidence impacted demand. Volkswagen is attempting to defend its market position through localized electric vehicle partnerships while the industry faces a projected eleven percent full-year sales decline.
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China passenger vehicle sales fell 22.3% to 1.53 million units in May, marking an eighth consecutive month of contraction. The China Passenger Car Association cut its full-year outlook to an 11% decline from a previous 1% estimate. Stagnating domestic demand forces foreign automakers to accelerate local EV partnerships to protect shrinking market shares.
